Mitek Systems (NASDAQ:MITK) Stock Crosses Above 200 Day Moving Average – Here’s Why

Mitek Systems, Inc. (NASDAQ:MITK)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.69 and traded as high as $10.65. Mitek Systems shares last traded at $10.46, with a volume of 268,800 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Mitek Systems in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Mitek Systems Price Performance

The stock has a market cap of $478.46 million, a price-to-earnings ratio of 55.05 and a beta of 1.08. The company’s fifty day simple moving average is $9.67 and its two-hundred day simple moving average is $9.69.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, December 11th. The software maker reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $44.78 million for the quarter, compared to analyst estimates of $40.73 million. Mitek Systems had a return on equity of 14.11% and a net margin of 4.90%. On average, analysts forecast that Mitek Systems, Inc. will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MITK. SG Americas Securities LLC grew its position in shares of Mitek Systems by 68.7% in the fourth quarter. SG Americas Securities LLC now owns 48,922 shares of the software maker’s stock valued at $516,000 after purchasing an additional 19,918 shares in the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Mitek Systems by 1,026.3% in the 3rd quarter. Tudor Investment Corp ET AL now owns 230,848 shares of the software maker’s stock worth $2,255,000 after acquiring an additional 210,352 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Mitek Systems in the third quarter worth about $141,000. Qube Research & Technologies Ltd purchased a new position in shares of Mitek Systems in the third quarter worth $401,000. Finally, Algert Global LLC increased its holdings in Mitek Systems by 302.7% during the 3rd quarter. Algert Global LLC now owns 114,651 shares of the software maker’s stock valued at $1,120,000 after purchasing an additional 86,181 shares during the period. Institutional investors own 83.64% of the company’s stock.

About Mitek Systems

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.